Nigeria's new president has officially ended the country’s fuel subsidy to its citizens.
Bola Tinubu said Monday the cut was needed for Nigeria’s economic stability.
"Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country,” the president said in a national broadcast.
The president first said the subsidy would be eliminated during his inaugural speech late last month.
The subsidy has cost Nigeria billions of dollars. Some financial analysts said the cut was long overdue.
Critics, however, say not enough measures have been installed to counter the side effects of the end of the subsidy.
Its demise has resulted in a spike in fuel, food and transportation costs and Nigerians are not happy.
The government’s last attempt to end the subsidy in 2012 sparked nationwide protests.
Nigeria is one of Africa’s largest producers of oil, but its refining capability is limited.
